India
Capital: Delhi.
Official languages: Hindi and English.
Currency: Indian Rupee.
Advantages of Company Registration:
- Large domestic market with over a billion people.
- Innovative sector: the country is becoming a center for technology and IT.
- Flexible investment policies: India actively attracts foreign investments.
- Stable economic growth.
India is a South Asian country in the Indian Ocean basin. The majority of the country is situated on the Indian subcontinent. It is bounded on the west by the Arabian Sea and on the east by the Bay of Bengal.
India attracts international investors with its vast consumer market and rapid economic growth. Registering a company in India is a responsible step for those looking to benefit from the business conditions in this country, as it is quite a lengthy and complex process.
Taxation and Reporting Features
India follows national accounting standards, which are significantly different from IFRS. The financial year in India lasts from April 1 to March 31. Financial reports are due by September 30 of the following year. In addition to the main reports, filling out various tax forms and attachments is required.
India has a relatively complex taxation and reporting system. International companies should consult professional tax consultants and accountants to ensure compliance with India's tax laws.
- Nonresident companies' tax is levied only on profits earned in India. The base corporate tax rate for foreign companies is 40%.
- The base corporate tax rate for Indian companies is 25%.
- The minimum Alternate Tax (MAT) is 18% of the accounting profit.
- The GST rate consists of a general rate (up to 5%) and a residual rate (12-15%), which the state sets.
- There is a mandatory financial reporting for companies, with the reporting period lasting from April 1.
Company Registration
Registration period is 3-6 weeks.
Before starting the registration process, you must determine the structure of the future company. There are several types of companies in India, including private limited companies and limited liability partnerships.
Another essential aspect of registering a company in India is creating an effective business plan. This plan usually includes a complete description of the company's intended activities, market research, and a financial assessment of its opportunities.
All companies in India are required by law to register for GST within 30 days of the company's registration. Registration in GST provides a unique Goods and Services Tax Identification Number (GSTIN), indicated on all tax invoices and documents.
To register a company remotely, you will need to provide the following information:
- Passport of the foreign director with a notarized translation into English.
- Notarized copy of the visa of the foreign citizen, if applicable.
- At least one director in the Indian company must be a resident of India.
- Certificate of no criminal record from the director's country of origin.
- Power of attorney from the foreign director to the representative in India if it's not an in-person registration.
- Application for GST registration and GSTIN generation.
How to Quickly Register a Company in India
To quickly register a company, you can always contact the specialists at IT-OFFSHORE. Our services include:
- Document preparation (collection, completion, notarization, etc.).
- Company registration.
- Payment of all state fees.
- Registration agent services for 1 year with the option of extension.
- Virtual office (mail, phone, and fax).
- GST (Goods and Services Tax) registration.
- Translation services.
Additional fees apply for opening an account in a local bank and accounting services.
Conclusion
Company registration in India is a legislative process and a strategic step towards successful business operations. Understanding all aspects and consistently complying with requirements will allow entrepreneurs to enjoy the benefits of the Indian business sector. We recommend consulting with IT-OFFSHORE experts to avoid potential legal consequences and ensure compliance with the laws.
Our company can provide comprehensive support for your business at all stages – from registration to all its activities. We not only help legally register the company but also solve many subsequent tasks.
Our range of services includes providing nominee directors and shareholders, renting a legal address, and obtaining all necessary licenses and permits for the company. We ensure the entire operation of the business following the laws of a specific jurisdiction.
